ACRA assigns AAA(RU) to RU000A0ZYUJ0 bond issued by Sberbank

Credit rating rationale. The issue represents senior unsecured debt of Sberbank (hereinafter – Sberbank, or the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of the Bank in terms of priority. According to the ACRA methodology, the credit rating of the issue is equivalent to that of Sberbank, i.e. AAA(RU).

The credit rating of Sberbank is based on its very high systemic importance for the Russian economy and a high degree of state influence, as defined by the ACRA methodology. The Bank enjoys high standalone creditworthiness compared to other Russian credit institutions, which is supported by its exceptional market positions, adequate capital position and adequate risk profile.

A credit rating has been assigned to the 001Р-04R series bond of Sberbank for the first time. The credit rating is expected to be revised within one year following the rating action date (March 2, 2018).

The assigned credit rating is based on the data provided by Sberbank, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and Sberbank participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by Sberbank in its financial statements have been discovered.

ACRA provided additional services to Sberbank. No conflicts of interest were discovered in the course of credit rating assignment.

Analytical Credit Rating Agency (ACRA) was founded in 2015, with its 27 shareholders representing major Russian corporate and financial institutions and its authorized capital exceeding RUB 3 bn. ACRA’s main objective is to provide the Russian financial market with high-quality rating products. Methodologies and internal documents of ACRA are developed in compliance with the Russian legislation and with regard to global rating industry best practices.

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